Law Firm Document Breach Reveals Rich Clients Stash Cash Offshore

By eWEEK Staff  |  Posted 2016-04-06 Print this article Print

DAILY VIDEO: Massive law firm hack reveals rich hiding money; Intel shakes up executive leadership in PCs, IoT; Brocade springs $1.2 billion for WiFi provider Ruckus Wireless; and there's more.

Microsoft Introduces High End Surface Studio All-in-One Desktop

DAILY VIDEO: Microsoft unveils Surface Studio all-in-one for 'creators'; Apple $215.6 billion annual...

Samsung Still Doesn't Know Exact Cause of Samsung Note7 Fires

DAILY VIDEO: Samsung still doesn't know the reasons for Note7 smartphone fires; Samsung offers Korean...

How the Internet Survived Massive DNS Attack

DAILY VIDEO: Why a massive DNS attack didn't shut down the internet; the LinkedIn hacking suspect is...

Analysts Offer Mixed Views on AT&T-Time Warner Deal

DAILY VIDEO: Analysts weigh pros and cons of AT&T-Time Warner deal; massive cyber-attack shows...

Czech Police Arrest Alleged LinkedIn Hacker

DAILY VIDEO: Czech police apprehend alleged LinkedIn hacker; Intel gets a boost in lengthy appeal of...

Yahoo's Earnings Exceed Expectations but Ad Revenue Still Eroding

DAILY VIDEO: Yahoo's earnings report shows ad revenue is still eroding; Intel's record Q3 revenue is...

Snowden Offers Grim Assessment of State of Internet Security, Privacy

DAILY VIDEO: Edward Snowden gives his take on security...

FAA's Samsung Galaxy Note7 Flight Ban Poses Challenges for Travelers

DAILY VIDEO: FAA's Samsung Galaxy Note7...

Salesforce No Longer Plans to Pursue Twitter Acquisition

DAILY VIDEO: Salesforce withdraws from contention to acquire Twitter; HP to cut another 3,000 to...

Samsung Releases Details on How to Exchange Defective Note7 Phones

DAILY VIDEO: Samsung releases Note7 return details following its recall; what the new update process...

Read more about the stories in today's news:


Today's topics include how the theft of 11.5 million documents from a Panamanian law firm reveals details about offshore financial accounts held by prominent politicians and wealthy private citizens, the news of a major executive leadership shakeup, Brocade Communications' purchase of Ruckus Wireless and a federal appeals court ruling overturns a patent infringement verdict against Google.

The alleged hack of Mossack Fonseca, a Panamanian law firm, has resulted in the leak of more than 11.5 million documents that detail the workings of offshore accounts held by many prominent politicians and wealthy private citizens.

The leak happened a year ago, when an unknown source contacted the Süddeutsche Zeitung, a German newspaper. The newspaper collaborated with about 400 other journalists to release the information—dubbed the "Panama Papers"—on April 3.

The leak underscores that law firms' lack of focus on cyber-security has put it legal jeopardy and exposed clients to business loss and risk. For more than half a decade, security experts have been warning law firms that they are a logical target of hackers and nation-state adversaries.

The dominoes from Intel's decision to hand control of the company's client computing, Internet of things and software businesses to a former Qualcomm executive are beginning to fall.

Two longtime Intel veterans—Kirk Skaugen, senior vice president and general manager of the Client Computing Group, and Doug Davis, senior vice president and general manager of the IoT Group—are both leaving the company, according to an email sent April 4.

Corporate vice president and general manager of Intel's Communications and Devices Group, Aicha Evans, left the company several days prior.

Brocade Communications Systems made a major move to expand its market reach April 4 by agreeing to spend $1.2 billion to purchase its Sunnyvale, Calif.-based neighbor Ruckus Wireless, a maker of smart WiFi networking equipment for enterprises and service providers.

The purchase price is net of cash and liquid assets owned by Ruckus, which amounts to about $300 million. Ruckus Wireless is a provider of powerful, carrier-grade WiFi networks for sports stadiums and other big public locations.

A three-judge panel of the United States Court of Appeals for the Federal Circuit has overturned a March 2014 jury verdict in Texas ordered Google to pay $85 million for violating a mobile notification patent belonging to SimpleAir, a technology licensing company.

In a 21-page ruling the judges held that the jury found infringement only because of the manner in which the United States District Court for the Eastern District of Texas had allowed certain critical terms in the patent to be incorrectly defined.


Submit a Comment

Loading Comments...
Manage your Newsletters: Login   Register My Newsletters

Rocket Fuel